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Tester Backs Bill to Create Montana Jobs, Support Innovation for Montana Small Businesses

 

Bipartisan American Innovation and Jobs Act will support small businesses in Montana, grow Montana’s economy

 

(U.S. Senate) — As a part of his continued efforts to support Montana businesses and create good-paying jobs, U.S. Senator Jon Tester backed the bipartisan American Innovation and Jobs Act, which would incentivize innovation by expanding the refundable research and development (R&D) tax credit and ensuring that businesses can once again fully deduct R&D expenses each year.

 

“Small businesses are the backbone of Montana’s economy – and it’s our job to make sure we have a strong environment for those businesses to grow and thrive, including up-to-date incentives to develop new products and technology,” said Tester. “This bipartisan bill restores incentives and credits for R&D that help small businesses grow their operations, and encourages investments in cutting-edge innovation. It’s a win-win for keeping America competitive with our foreign adversaries and supporting Montana’s small businesses that boost our Montana economy.”

 

“Montana consistently earns its place among the top entrepreneurial states in the nation, playing a fundamental role in driving our economic prosperity.  The American Innovation and Jobs Act is a catalyst to foster an environment that encourages businesses and entrepreneurs to pursue new ideas, create well-paying jobs and grow Montana’s economy,” said Todd O’Hair, President/CEO Montana Chamber of Commerce. “Thanks to Senator Tester for his support and work to promote this important piece of bipartisan legislation.” 

 

The bipartisan American Innovation and Jobs Act supports innovative businesses and helps create jobs by:

  • Restoring incentives for long-term R&D investment by ensuring that companies can fully deduct R&D expenses each year
  • Raising the cap over time for the refundable R&D tax credit for small businesses and startups
  • Expanding eligibility for the refundable R&D tax credit so that more startups and new businesses can use it

 

Senator Tester has long been the leading champion for small businesses in Montana. Tester stood up and defeated a proposal from President Biden and Democratic Senators to change stepped-up basis tax provisions that would have negatively impacted a families’ ability to keep running a farm, ranch, or small business. Tester is also pushing to fully re-open the northern border to restore trade and address the supply chain disruptions still affecting producers and small businesses. Following the COVID-19 pandemic, Tester secured $61,327,969 for Montana’s State Small Business Credit Initiative through the American Rescue Plan Act, which continue to be used for credit and investment programs for small businesses and startups to help them grow and succeed.

 

The full text of the bill can be found HERE.

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